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• Ironwood Midstream Energy Partners II launches with $400M in funding
  Ironwood Midstream Energy Partners has launched a new subsidiary, Ironwood Midstream Energy Partners...
  Ironwood Midstream Energy Partners has launched a new subsidiary, Ironwood Midstream Energy Partners II, with a $400 million initial capital commitment from EnCap Flatrock Midstream. The new company will use some of the capital to acquire a 137-mile crude oil gathering system in South Texas from a subsidiary of Twin Eagle Resource Management.
  
  Ironwood II will join Ironwood Midstream Energy Partners I under the parent company's banner. Ironwood I operates 100 miles of pipelines that gather crude oil and natural gas from wells in the Eagle Ford Shale and Permian Basin. Both subsidiaries are run by a management team that includes Williams, Chief Financial Officer Justin Johnson and Chief Operating Officer Josh Doramus.
  
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• FBI launches corruption probe into Pa. pipeline approval
  The FBI has interrogated current and former Pennsylvania state employees in the past weeks as part of...
  The FBI has interrogated current and former Pennsylvania state employees in the past weeks as part of a corruption investigation into the issuing of construction permits for the Mariner East natural gas pipeline by Gov. Tom Wolf's administration. Sources say federal agents are looking to determine whether Wolf's administration pressured environmental protection staff to approve the permits.
  
  The Mariner East pipelines are owned by Texas-based Energy Transfer LP, a multibillion-dollar firm that owns sprawling interests in oil and gas pipelines and storage and processing facilities. At a price tag of nearly $3 billion, it is one of the largest construction projects, if not the largest, in Pennsylvania history.
  
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• Icahn Urges Occidental To Start ‘’Fire Sale’’
  OilPrice.com...

  OilPrice.com - Activist investor Carl Icahn has called on Occidental Petroleum’s management to go for a “fire sale” of assets in order to hit its divestment target following the $38-billion purchase of Anadarko, Bloomberg reports, adding that Icahn had suggested that Oxy sell its pipeline network Western Midstream Partners.

  
  Occidental has a divestment target range of $10-15 billion, to be completed by the middle of next year. The company amassed debt of $40 billion for the takeover of Anadarko as most of the price—78 percent—was paid in cash to Anadarko’s shareholders.
  
  Despite Carl Icahn’s pessimism, Oxy has already divested assets worth $10 billion, including Anadarko’s liquefied natural gas interests in Mozambique, oil assets in other parts of Africa, and operations at home. The latest asset put up for sale is Oxy’s Greater Natural Buttes gas field in Utah, which could fetch some $190 to $240 million, according to an unnamed source who spoke to Reuters.
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• Laredo Petroleum Targets Oil Growth In $130 Million Permian Purchase
  Hart Energy - Laredo Petroleum...
  
  

  
  
  Hart Energy - Laredo Petroleum Inc. recently tacked on more Permian Basin acreage through a $130 million cash acquisition as the company’s new CEO implements his strategic vision.
  
  In its third-quarter earnings release, Laredo revealed it had signed a purchase and sale agreement with Cordero Energy Resources LLC on Nov. 4 to acquire 7,360 net acres (96% operated) and 750 net royalty acres in Howard County, Texas. The largely undeveloped acreage is in an area of high oil productivity with offsetting wells indicating first-year production that is 80% oil, according to the company release.
  
  Jason Pigott, who took over as Laredo CEO last month, called the Howard County acreage acquisition Laredo’s next strategic step to maximize and create additional value for its stakeholders.
  
  

  
  

  
  

  
  

  
  

  
  
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• IEA: Peak Oil Demand Is Less Than A Decade Away
  Global oil demand will reach its peak in the mid-2020s and plateau around 2030, the International Energy...
  Global oil demand will reach its peak in the mid-2020s and plateau around 2030, the International Energy Agency said in its World Energy Outlook for 2019.
  
  Until about 2025, the IEA said, global oil demand will expand by about 1 percent annually, exceeding 100 million bpd and reaching 105.4 million bpd. After that growth will shrink substantially and demand will reach a plateau at less than 110 million bpd—106.4 million bpd.
  
  The bad news for the oil industry has a silver lining, however. According to IEA, natural depletion will shrink oil supply and lead to an increase in prices. These, the agency said, could average $90 a barrel in 2030 and $103 a barrel in 2040.
  
  Of course, making such a long-term price prediction for oil is nothing but speculation given how many factors are at play in oil prices. Yet natural depletion and the need for new exploration have been highlighted before: in 2016, even before prices began to recover, Wood Mackenzie warned the world may swing into an oil shortage by 2035. The size of the shortage Wood Mac projected was 4.5 million bpd—about 5 percent of global consumption in 2016.
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